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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Lagging Behind Bitcoin Could Demonstrate Altcoin Weakness

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin ethereum crypto market weakness

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ethereum spent the summer months easily dominating Bitcoin on the back of the DeFi bandwagon. Only recently when Bitcoin broke back above $12,000 with a more than $1,000 intraday candle to $13,000, has the trend changed.

Crypto traders waiting for Ethereum to catch up like the last time around, could be left with heavy bags, according to one crypto trader who says that the altcoin is simply exhibiting “weakness” relative to BTC.

DeFi Summer Of Love Ends In Bad Breakup With Crypto Dominance

2020 has been primarily about Ethereum and the decentralized finance movement, and all associated crypto tokens. These coins, built on the back of Ethereum as ERC20 tokens, exploded in price the more total value locked in DeFi applications grew.

Ethereum became the top performing asset had a stimulus check been invested into crypto back in April, resulting in more than two times the return as Bitcoin.

Related Reading | Asset Manager Who Predicted Ethereum Outperforming Bitcoin: The Trend Is “Done”

The trend recently reversed, however, when the domino effect of business buying Bitcoin was capped off by payments giant PayPal announcing support for cryptocurrenices.

And although Ethereum was part of the list of just four crypto assets to make it onto PayPal, Bitcoin and Litecoin left ETH behind.

Ethereum Isn’t Lagging, It Is Weak Compared To Bitcoin: Trend Trader

Ethereum beat Bitcoin to setting a new 2020 high, and has set a higher high over its 2019 peak. Bitcoin, however, has yet to breach above last year’s peak, but it did manage to finally set another 2020 high.

Since Bitcoin set a higher high, Ethereum has lagged behind, failing to follow to another new 2020 peak.

The altcoin might not simply be lagging, however, and may just be exhibiting “weakness” according to crypto trader Cold Blooded Shiller.

bitcoin ethereum weakness

ETH versus BTC side-by-side comparison chart exhibiting "weakness" | Source: ETHUSD Versus BTCUSD on TradingView.com

Ethereum’s weakness relative to Bitcoin is demonstrated in a side-by-side comparison shared by the trader, who compares traders waiting for ETH to catch up to BTC, to those who got burned waiting for Tezos to follow Chainlink to a new all-time high.

Related Reading | Eerie Bitcoin Fractal Suggests Ethereum’s Price Is About To Explode Higher

The new high never arrived for XTZ, meanwhile, Chainlink took off to the moon. Now it’s Bitcoin’s turn, and after such a strong summer for Ethereum, and the air coming out of the DeFi bubble, the weakness relative to BTC is likely to conintnue.

Featured image from Deposit Photos, Chart from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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